Investing.com - U.K. industrial order expectations improved significantly more-than-expected in November, fuelling optimism over the country’s economic outlook, industry data showed on Thursday.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to a reading of 11.0 this month from October’s reading of minus 4.0.
Analysts had expected the index to improve to 1.0 in November.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Stephen Gifford, CBI Director of Economics, said, “This new evidence shows encouraging signs of a broadening and deepening recovery in the manufacturing sector.”
He added that, “Both order books and the pace of output growth are the strongest they’ve been since 1995, and firms are expecting similar-paced growth over the coming three months as well.”
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD holding flat to trade at 1.6106.
Meanwhile, European stock markets were mixed. London’s FTSE 100 inched up 0.1%, the EURO STOXX 50 fell 0.25%, France’s CAC 40 declined 0.35%, while Germany's DAX shed 0.3%.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to a reading of 11.0 this month from October’s reading of minus 4.0.
Analysts had expected the index to improve to 1.0 in November.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Stephen Gifford, CBI Director of Economics, said, “This new evidence shows encouraging signs of a broadening and deepening recovery in the manufacturing sector.”
He added that, “Both order books and the pace of output growth are the strongest they’ve been since 1995, and firms are expecting similar-paced growth over the coming three months as well.”
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD holding flat to trade at 1.6106.
Meanwhile, European stock markets were mixed. London’s FTSE 100 inched up 0.1%, the EURO STOXX 50 fell 0.25%, France’s CAC 40 declined 0.35%, while Germany's DAX shed 0.3%.